Which of the following expressions is incorrect?
A) Gross profit - operating expenses = net income
B) Sales - cost of goods sold - operating expenses = net income
C) Net income + operating expenses = gross profit
D) Operating expenses - cost of goods sold = gross profit

Question

Quizplus · Accepted Answer

Operating expenses minus cost of goods sold is not the correct formula for finding gross profit. The correct formula for gross profit is sales minus cost of goods sold.

Which of the Following Expressions Is Incorrect